Taxation on Amt Recd From Relative

my annual income is approximately 5.5 to 6 lakh per annum. 1.5 lakh exempt under 80c then balance income is approx 4.5 lakh. Now, I am purchasing a car on my name for that my father-in-law and mother-in-law will transfer 5.5 lakh to my account from their accounts electronically. So, my total transaction is of 6-1.5+5.5 lakh = approx 10lakh.

Now, my questions are that
1. 5.5 lakh will be include in my income for income tax or not in FY 19-20. How many tax will be calculated in both case.

2. If bank deduct TDS on total amount, then what will be my next course of action.

Thx
Regards
Replies (1)

1. No. The gift amount from parents is taxfree.

2. Bank may charge transfer fees, but not TDS.

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